Last checked at 13 Jul 2022 07:00
The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.
13 July 2022
t42 IoT Tracking Solutions plc
("t42" or the "Company")
t42 signs significant distribution agreement in Argentina
t42 IoT Tracking Solutions plc (AIM: TRAC) ("t42" or the "Company"), the provider of shipping container tracking solutions, is pleased to announce that, following a successful and intensive pilot programme, it has signed an agreement with a second LATAM distributor to provide t42 solutions to local port authorities over four years from 2023, with an estimated total value of over US$16 million.
The pilot programme was conducted at an Argentinian port with successful results from an initially deployed 200 test units of smart tracking locks ("Lokies") over a period of 14 months. This pilot programme involved two official approval processes: the Lokies were fully certified for use and the online portal was successfully integrated and certified by the Argentinian customs authority.
The agreement includes both hardware and recurring SaaS service revenues, which are expected to continue while the equipment remains operational. Hardware sales and revenues are expected to commence from the beginning of 2023 and materially increase from 2024 as larger volume orders are delivered.
The technological solution being offered provides proven solutions for port authorities, enabling them to limit smuggling activities, ensure compliance with cross-border regulations, and secure significant local jurisdiction tax revenues.
Avi Hartmann, CEO of t42, commented:
"We are thrilled to announce a further contract win in Latin America following a successful pilot scheme. It is especially pleasing to see more evidence of the growing recognition of the value of our offering in the region and beyond. We have always known that the best way to showcase our products is to show them in action.
"We are seeing increased needs from many directions for better information about containers, as they are at the heart of so many global supply chains. There is strong demand for current, reliable, and actionable data for all kinds of stakeholders, including governments, manufacturers, shipping companies, and customers."
Contacts:
t42 IoT Tracking Solutions PLC Michael Rosenberg, Chairman Avi Hartmann, CEO
|
07785 727595 +972 5477 35663 |
Strand Hanson Limited (Nominated Adviser and Financial Adviser) James Harris/ James Dance/ Robert Collins
| 020 7409 3494 |
Peterhouse Capital Limited (Joint Broker) Lucy Williams/Charles Goodfellow/Eran Zucker
| 020 7469 0930 |
Yellow Jersey PR (Financial PR) Tom Randell/Henry Wilkinson/Annabelle Wills | 020 3004 9512 t42@yellowjerseypr.com |
Notes to Editors
t42 IoT Tracking Solutions plc (AIM: TRAC), formerly Starcom Systems plc, provides real-time tracking, analysis, monitoring, and security IoT solutions for the global container and freight market and covers 55 countries, over 100 distributors, and 50 logistics and support partners.
t42's multi-sensor IoT tracking devices use a wide range of detection capabilities with cloud-based analytics and alerts, with real-time data transmission, analysis, and actionable insights. Its devices are used by ports, cargo owners, shipping companies, freight forwarders, insurance companies, customs authorities, homeland security, and police for end-to-end global container tracking and digital transformation of shipments.
For more information on the Company, please visit: www.t42.co.uk/.